The deal, announced by the company today, means Marlborough has taken a ‘significant’ minority stake in Clever, which is a pioneer in the creation of quantitative analysis-driven fund selection and asset allocation services for financial planners in the UK.

The two companies have been working in partnership since August 2022 when they launched the Clever Marlborough Managed Portfolio Service (MPS).

The investment will enable Clever to accelerate its growth plans and further enhance its service by developing new technological capabilities to meet what it calls ‘the ever-evolving needs of financial planners’.

Colum Wilde, Founder and CEO of Clever, said: “We’re extremely excited about this new phase in our relationship with Marlborough and in Clever’s journey as a provider of top-tier services and systems to UK financial planners.

“Marlborough’s investment is a ringing endorsement of what we do and who we are and further strengthens our relationship with one of the UK’s leading independently owned investment management specialists.”

‘Strong growth mindset’

Richard Goodall, pictured left,  CEO of Marlborough, said: “We’ve been working closely with Clever over the past two years and we’ve been highly impressed by the quality of their team, their technology and the culture of the business. Like us, they have a strong growth mindset based on delivering first-class outcomes for clients, they have a ‘can-do’ philosophy and they’re a great team to work with.

“So, we’re certainly not seeking to change anything at Clever. We’ve invested to share in the success of a high-calibre business with what we believe is a very bright future and we’re looking forward to continuing to work in partnership with them for the long term.

“It’s this partnership approach to working with other businesses that’s one of Marlborough’s great strengths and it’s one of the key reasons that more and more firms are choosing to work with us.”

Investments

This is the latest in a series of investments by Marlborough. The group invested in national IFA business Truly Independent last year to support the firm’s ambitious growth strategy. This year Marlborough has also invested in South Africa-headquartered IFA business Carrick Wealth and Hong Kong-based financial planning and wealth management firm BMP Wealth.

Offering a range of six core and five sustainability-focused portfolios, the Clever Marlborough MPS combines Marlborough’s investment expertise with Clever’s proprietary fund selection and monitoring system, the Clever Engine.

Using powerful algorithms, the Clever Engine analyses millions of pieces of fund performance data to score and rank more than 4,000 UK-domiciled funds every month and make switching recommendations.

Multi-asset

Marlborough’s multi-asset investment team, who have more than 125 years’ combined experience, provide due diligence and oversight before the recommended trades are signed off and executed.

Clever’s adviser clients have been able to use the Clever Marlborough MPS since August 2022 and it was made available to all UK financial advisers in September 2023 in light of “extremely positive” feedback. The Clever Marlborough MPS is growing rapidly and has reached more than £700m of assets under management in less than two years.

Marlborough is one of the leading independently owned investment management specialist and a provider of expert fund governance services to enable financial advisers and investment managers to launch their own funds or unitise existing portfolios. The group also includes an investment platform business, the Marlborough Select Platform, which combines digital-first technology with a commitment to exceptional service. The group manages assets in excess of £19 billion, it said.

Now in their eighth year, the awards – run by International Adviser in partnership with Morningstar Wealth Platform – are designed to recognise, showcase and celebrate top-class advisers’ achievements in embedding best practice within every aspect of their business, from front-line advice to back-office support.

For East Asia, Melbourne Capital won the Best Adviser Firm accolade, as well as the region’s Excellence in Business Strategy and Excellence in Professional Development categories.

For Europe, Blacktower Financial Management was adjudged the Best Adviser Firm and also topped the region’s Best Support Team and Excellence in Marketing categories.

For the Middle East, Skybound won the Best Adviser Firm category as well as the regional gongs for Excellence in Professional Development and Best Support Team. An impressive showing by the firm also saw it top two regional categories in both Europe and the UK.

For South Africa, Carrick was the stand-out advice business, winning the Excellence in Investment Planning, Excellence in Business Strategy, Excellence in Diversity and Excellence in Professional Development awards as well as, perhaps unsurprisingly, being adjudged the region’s Best Adviser Firm.

For the UK, Partners Wealth Management topped the Excellence in Investment Planning, Excellence in Client Service and ESG Initiative categories, in addition to winning the regional Best Adviser Firm accolade.

You can find the full Roll of Honour below.

‘Rising tide of professional standards’

“We are living through a challenging time – with much to test and occupy advice firms,” said Mark Sanderson, managing director of Morningstar Wealth. “In among all that, it is incredibly encouraging to see the increasing priority placed on best practice, with a rising tide of professional standards. Well done to all firms striving to be the best – for their clients, their teams and their profession.”

Julian Marr, editorial director of International Adviser, added: “The Best Practice Adviser Awards would not have been possible without the time, insights and efforts of our panel of expert judges – chaired as efficiently as ever by David Worsfold – so our sincere thanks go to all of them.

“While these awards do encourage entries across 12 different categories covering every aspect of the business of financial and investment advice, it should be stressed that the process will only allow for a winner to be named if our panel of judges agrees the appropriate quality threshold has been reached. As such, some categories across each of the regions do not have a winner; at the same time, there can be no more than one winner per category.”

International Adviser Best Practice Adviser Awards 2023 – Roll of Honour

East Asia

Best Adviser Firm (region): Melbourne Capital

From the judges: “A high-quality business with a clear strategy, strong growth and a sustainable business model.”

Excellence in Investment Planning: BMP Wealth

From the judges: “Starts with the client and finishes with the client. A model operation.”

Excellence in Business Strategy: Melbourne Capital

From the judges: “They have made a big commitment to growing their business in Asia and it is paying off. A very clear strategy, delivered with focus.”

Excellence in Client Service: Oreana

From the judges: “A real focus on supporting clients with a top-quality, all-round service that has built genuine customer loyalty.”

Excellence in Marketing: Bluestar

From the judges: “Well thought-through messaging delivered creatively across various platforms.”

Excellence in Professional Development: Melbourne Capital

From the judges: “Professional development has been a key ingredient of their successful growth strategy in the region. Impressive buy-in from staff.”

Best Support Team: TallRock Capital

From the judges: “They have built a well-resourced back office team that has a clear understanding of the importance of supporting frontline advisers.”

Europe

Best Adviser Firm (region): Blacktower Financial Management

From the judges: “Great strategy – focused, measurable, and successful.”

Best Adviser Firm (established under three years): PCC Direct

From the judges: “Full of new ideas, imaginatively brought together in an ambitious but achievable development plan.”

Excellence in Investment Planning: Aisa International

From the judges: “A thoroughly professional approach that is client-centric and meets the demands of regulators across multiple jurisdictions. Keeping customers well-informed helps empower them.”

Excellence in Business Strategy: Skybound

From the judges: “A sound strategy that has enabled the firm to build on its already successful track record. No resting on laurels here.”

Excellence in Client Service: Black Swan Capital

From the judges: “Client service seems to be part of the business’s DNA – it sets them apart.”

Excellence in Digital Innovation: OpesFidelio

From the judges: “Definitely shifted the dial in terms of their digital offering. Had a well-structured plan and delivered it.”

Excellence in Marketing: Blacktower Financial Management

From the judges: “High-quality multi-media. Excellent and highly informative guides that are fresh and up-to-date and answer the key questions clients in different markets are asking.”

Excellence in Professional Development: Skybound

From the judges: “Shows how embedding professional development contributes to a firm’s success, ensuring staff buy-in and commitment.”

Best Support Team: Blacktower Financial Management

From the judges: “Investment in the team shows the value placed on it. This is what good support should look like.”

Middle East

Best Adviser Firm (region): Skybound

From the judges: “The good gets better. An impressive, integrated business that works hard to raise its game.”

Excellence in Investment Planning: Farringdon Capital

From the judges: “A thoroughly professional, integrated approach that gives clients renewed confidence.”

Excellence in Business Strategy: Continental Group

From the judges: “A solid strategy for development and profitable growth across the region.”

Excellence in Client Service: Abacus

From the judges: “Two-way communication has raised client engagement to a new level. ‘Provide them with timely, quality information and build a conversation’ is a refreshing approach.”

Excellence in Digital Innovation: Nexus

From the judges: “Clear, easy-to-use tools help clients and advisers alike.”

Excellence in Professional Development: Skybound

From the judges: “An impressive all-round programme for front-line advisers and support staff. Tied in effectively with key business objectives.”

Best Support Team: Skybound

From the judges: “Every department contributes to a joined-up, seamless support operation with the firm’s clients always at the end of it.”

South Africa

Best Adviser Firm (region): Carrick          

From the judges: “They have nailed it. Always a solid, reliable business but have now moved up to a different level. Given their competitors something to think about.”

Best Adviser Firm (established under three years): Family Wealth Custodians

From the judges: “Breaking into the market with a well-grounded plan and an effective communication strategy.”

Excellence in Investment Planning: Carrick

From the judges: “A core function, a focus of constant improvement. Gets to the real heart of helping clients with insightful analysis of their needs.”

Excellence in Business Strategy: Carrick

From the judges: “Set out an ambitious plan with objectives for growth built around the core pillars of professionalism and client service.”

Excellence in Client Service: Autus Private Clients

From the judges: “The firm understands client service. Kept up the high standards we have come to expect from them, especially with its bespoke reporting.”

Excellence in Diversity: Carrick

From the judges: Have built real momentum in their determination to improve the gender and race balance at every level of the business. Shown this is not a one-off campaign but a long-term, sustainable plan.

Excellence in Marketing: Family Wealth Custodians

From the judges: “A new firm that has brought new thinking to the challenges of reaching its target market.”

Excellence in Professional Development: Carrick

From the judges: “This is about helping all staff reach their potential. Programmes are shaped around the individual but with real connection to the needs of the business too.”

UK

Best Adviser Firm (region): Partners Wealth Management

From the judges: “Definitely moved up a gear, The progress of recent years has been consolidated and built on, with new thinking and a targeted growth strategy.”

Best Adviser Firm (established under three years): Insight Wealth

From the judges: “Every success to this new business. It should find its niche by bring some fresh thinking to the market.”

Excellence in Investment Planning: Partners Wealth Management

From the judges: “Solid investment process, with some excellent marketing too. Explains processes, products and options, making it a central feature of the client/adviser relationship.”

Best ESG Initiative: Partners Wealth Management

“Well constructed ESG-focused process and good feedback from clients.”

Excellence in Business Strategy: Cooper Parry Wealth

From the judges: “Brilliant strategy across all aspects of the business, backed up with clear evidence of success.”

Excellence in Client Service: Partners Wealth Management

From the judges: “Excellent evidence of good client servicing, which is modelled around the client and deepens their understanding of their portfolios.”

Excellence in Marketing: Blacktower Financial Management

From the judges: “Many innovative ideas on show in this submission. New ideas and new creatives that have impact.”

Excellence in Professional Development: Skybound

From the judges: “A first-class entry. I particularly like the examples of how people have progressed in the business, showing how the programme works in real life.”

Best Support Team: Skybound

From the judges: “Top class entry showing how efficiency and effectiveness impact the business.”

Even corruption, unemployment and crime seem to have taken a back seat and wait in anticipation to re-join the fray. And to add insult to injury we now have a new topic to discuss around whether we supplied Russia with weapons and whether the US will apply sanctions against South Africa.

This all culminates in a climate of uncertainty, anxiety and depression with a lot of South Africans not quite sure what to do. It is in times like these that a financial adviser can really step up and help clients to remain calm and focus on actions that are in their power. Human nature is to do nothing in times of crises – the reality is that certain actions can, and should, be taken.

At a bare minimum, advisers should be actively engaging with their clients. Communication is key and a simple conversation can go a long way in reassuring clients that they have someone on their side. Updating a client’s financial plan is recommended.

This often leads to reworking a monthly expense budget and cutting back on certain items, but at least there is a plan and clients can see that it is still possible to remain on track with their retirement planning. Any action, even if small, has a big psychological effect and can create a more positive attitude which leads to an increase in energy and more output from daily jobs and life in general.

For the higher net worth clients, the questions asked are often around the timing of externalising Rand into foreign currency. Historically this was done to hedge against Rand devaluation and to access a broader investment set, with asset protection against creditors and governments taking a third spot. That has however changed over the last 12 months with political risk leapfrogging the former two.

When this happens some irrational and panicked decisions are often made, leading to investment mistakes. A good adviser should always ensure a client is making decisions in a calm and well thought out manner.

This could for instance lead to a plan whereby a client takes immediate action by externalising an agreed smaller amount to cover certain foreign denominated expenses such as kids studying abroad, future travel plans, adding to existing offshore investments or starting an offshore investment journey.

These investments can then be made on a regular basis to take account of Dollar cost averaging as the Rand is a very volatile currency and does go through periods of strength as well as weakness.

For clients already in the market, JSE-listed Rand hedge stocks should do well in this environment. If clients already have offshore investments, they will certainly be drawing comfort from the weakening Rand. On a positive note, investors can now earn a good yield from hard currency, fixed income investments – no longer are global equities the only choice.

There are also some good international unlisted investments and property investments but investors need to take caution from a liquidity and a diligence perspective – two areas that a good financial adviser should be able to assist with.

Advisers should also be guiding clients as to best hold offshore assets from an asset protection, tax efficiency and succession planning perspective. There are a number of options available, and an independent adviser has the ability to put all of them on the table.

We advise investors to maintain a calm stance during these uncertain times, diversify, and maintain exposure to long-term themes. Investors need to look beyond near-term news and gain exposure to industries, geographies, asset classes and currencies benefitting from longer-term growth trends. A good financial planner can add significant value in these uncertain times.

This article was written for International Adviser by Craig Featherby, group chief executive of Carrick Wealth.

The country will now become a “jurisdiction under increased monitoring” and countries will have to actively work with the FATF to address strategic deficiencies to counter money laundering, terrorist financing and proliferation financing.

South Africa now becomes the second G20 country to be on the greylist after Turkey were added in 2021.

FATF said on 24 February that South Africa had “made a high-level political commitment to work” with the body to strengthen the effectiveness of its anti-money laundering regime.

It added that since 2021 it has made “significant progress” on recommended actions to improve its system including by developing national anti-money laundering and counter terrorism financing policies.

The body said that South Africa will have to implement eight steps of a FATF action plan to get itself of the greylist.

International Adviser spoke with a range of firms to discuss how the greylisting will impact the South African advice and investment markets.

‘Good position’

Francis Marais, product director at Morningstar Investment Management South Africa, said: “What is perhaps a bit more obvious is the risk that greylisting poses to foreign direct investments, specifically from European countries. It is therefore imperative that South Africa address these weaknesses or shortcomings as identified as soon as possible. The longer the greylisting continues the worse these effects could be which would then inevitably feed through to asset class returns.

“South Africa is, however, in a relatively good position, when compared to some of the incumbents on the grey list and has already shown intent by addressing some of the concerns and weaknesses. Indeed, should the country not be greylisted, the two laws already passed, in record time, should put us on an even stronger footing going forward and re-establish South Africa as an important global participant in the world financial markets.”

Lindsay Bateman, head of business development at Brooks Macdonald International, said: “While the move wasn’t a surprise, it has resulted in an immediate depreciation of the South African Rand on global currency markets and has dealt a significant reputational blow to the country.

“In addition to the potential currency impact, the costs of conducting global business for asset managers, banks, and other financial intermediaries will be impacted. This is due to the need for ‘enhanced due diligence’ on factors such as the source of wealth and funds, as well as greater ongoing supervision. The country faces increased risks, including concerns about greater capital outflows, as well as higher transactional, administrative, and funding costs, particularly in the banking sector.

“The listing is expected to be challenged for review in June and since many financial firms will initially bear additional expenses, the immediate influence on international financial transactions may be subdued.”

Rex Cowley, director at Overseas Trust & Pension, said: “The grey listing of South Africa is very unfortunate given the efforts taken by legislature, administrative bodies, and other authorities to address the issues identified in the 2021 mutual evaluation report. The grey listing will increase the administrative burden on the average person and all foreign provider of accounts to South Africans.

“Whether these costs are passed on or not time will tell but it is a far from desirable position. What seem unfair is that the majority of impact will be on the joe public when the drivers for the grey listing had nothing to do with them, and comes from state corruption, associated criminal activity and failures to convict or address perpetrators.”

Impact for intermediary market

The country is set for more disturbance, but what does this mean for South Africans who may be concerned about their investments, pensions and overall financial planning?

Michael Yuille, managing director at Northern Cross Wealth Management, added: Well, the immediate effect is that South African companies and individuals that trade or invest internationally will be subject to enhanced due diligence, which will add complexity and costs to these transactions.

“In addition, the likelihood is that the Rand may depreciate further against major international currencies, such as the US dollar and British pound.

“This, in turn, will make trading and investing internationally more expensive for South Africans, and may dissuade people from diversifying their portfolios into overseas markets, which should be one of the fundamental aspects of a truly diversified investment portfolio. South Africa clearly has a plan to be taken off the grey-list, it is now a question of how quickly it can be implemented.

Rashay Makan, managing director at Carrick Wealth South Africa, added: “Carrick Wealth are expecting increased transaction costs from international fiduciary, life, platform and investment providers. In addition, clients can expect increased scrutiny and enhanced due diligence, particularly surrounding source of wealth.

“These enhanced due diligence processes will certainly add to the overall transaction costs and increase processing turnaround times for clients.”

The investment platform has named Michael Summersgill as chief executive.

Summersgill has been with AJ Bell since 2007 and is currently deputy chief executive. He has also held the position of chief financial officer since 2011. As previously announced, he will be succeeded as chief financial officer by Peter Birch on 1 July 2022.

He will succeed Andy Bell on 1 October 2022, subject to regulatory approval.

Bell will remain on the AJ Bell Board and will assume the position of non-executive deputy chair with effect from the same date.

Matthews Asia

The investment firm has named Cooper Abbott has been appointed chief executive.

Most recently, Abbott served as president and chairman at Carillon Tower Advisors, where he founded and built a global multi-boutique asset management company providing equity, fixed income and multi-asset class solutions to a range of institutional and retail investors.

He succeeds William Hackett who, as previously announced, will retire as chief executive and a member of the board of directors on 30 June 2022. He will continue to serve as an adviser to Matthews Asia during this transition period in order to assist in the transfer of responsibilities.

Butterfield Group

Karim Chowdhury has joined the group as vice president in private banking, according to his Linkedin profile.

He will be based in Bermuda.

Chowdhury was previously at Schroders Personal Wealth, where he was strategic partnership development manager.

Suntera Global

The financial services provider has appointed Dan Bisson as managing director of its operations in the Channel Islands.

He was previously managing director of Nedgroup Trust, which was acquired by Suntera Global in April 2022.

Carrick Wealth

The advice group has named Fred van Niekerk as the general manager of Carrick International.

He has been with the Carrick Group since its inception in 2014, working initially as an adviser, then director and regional head of Western Cape, then going on to lead the Carrick Partners business division as its general manager.

Abbey Wealth

Rosie Edwards has been hired as head of programme management at the European advice firm.

She will lead the planning, implementation and reporting on all corporate project and programme activity in Ireland, Spain and Switzerland.

Edwards was previously at UK advice firm Succession Wealth.

MFSA

The Maltese regulator has announced that Michelle Mizzi Buontempo will be acting chief executive.

The MFSA said that current chief executive Joseph Gavin is “currently indisposed”.

She will take over responsibilities of Gavin during his absence.

Natixis Investment Managers

The asset manager has appointed Marco Barindelli as head of Italy.

He joins Natixis IM from Schroders Investment Management, where he worked for over twenty years holding various senior sales roles across different client segments.

Close Brothers Asset Management (CBAM)

The wealth firm has hired five senior investment professionals to bolster its operation in the south east of England.

James Nield joins as a managing director. Robert Clough, Tim Harman and Simon Heathcoat Amory join as investment directors, with Joe Boxall joining as investment manager.

They join CBAM from Sanlam Private Wealth and Rathbones. They are currently based across London and Chichester.

IM Global Partner

Jackie Mills has been named as managing director and chief marketing officer.

She was previously head of international marketing for Eaton Vance.

Allspring Global Investments

The independent asset manager has appointed Charlie Wilson as head of financial institutions for the UK and Switzerland.

Before joining Allspring, Wilson worked as head of European accounts at PGIM Investments.

UBS

The Swiss private bank has announced three additions to its Thailand and Philippines business.

It has hired Maria Quintos as senior client advisor in its Thailand team.

Quintos will be located in Singapore focusing on ultra high net worth relationships.

Prior to joining UBS, Quintos was the president and chief executive of Maybank ATR Kim Eng Capital Partners.

Meanwhile, Nicolo Nicandro and Natalie Boey have joined the UBS Philippines team as client advisers.

The duo will also be based in Singapore.

Nicandro was previously senior associate, investment counsellor at Bank of Singapore in Manila, where he managed global multi-asset portfolios of private clients. Boey was at a similar role previously with Citi Singapore for almost 15 years.

IQ-EQ

The financial services firm has promoted Jersey-based Marisa Warren to regional head of onboarding and implementation for the UK, Ireland and the Crown Dependencies.

Marisa joined IQ-EQ in June 2019, having previously been a vice president and board director of State Street Administration Services (UK) Limited, where she was responsible for all aspects of client servicing for private equity funds.

Evelyn Partners

The wealth manager has appointed Ricky Wilson as a financial planner in the firm’s Bracknell office.

Wilson joins Evelyn Partners from Wesleyan, where he was a specialist financial adviser providing financial planning services tailored to meet the needs of doctors.